topic Re: Cap One Says I Am Pre-Approved for a Venture X Card. in Credit Cards

Cap One Says I Am Pre-Approved for a Venture X Card.

ThomasJNewton — Thu, 01 Feb 2024 04:28:20 GMT

My FICO score should improve when my NFCU card reports, as my utilization on my personal cards will drop substantially. I am 8 months out from my Chase United Quest Card ($19,000 credit line $0 reporting), and 9 years (as of tomorrow) for my NFCU Cash Rewards card ($30,000 line, currently at $20,000 used, that will be down to $9,000 on the 15th).

Is there an advantage to waiting or should I go ahead and get it sooner?

Any advantage to waiting until my Quest card hits one year?

Re: Cap One Says I Am Pre-Approved for a Venture X Card.

Jeffster1 — Thu, 01 Feb 2024 11:15:37 GMT

If it were me, I'd wait until I paid down the NFCU balance, and the paid-down balance was reporting on all 3.

Re: Cap One Says I Am Pre-Approved for a Venture X Card.

CorpCrMgr1 — Thu, 01 Feb 2024 15:32:47 GMT

I agree with paying it down and waiting. Better odds. Good luck!

Re: Cap One Says I Am Pre-Approved for a Venture X Card.

nytokyobred79 — Thu, 01 Feb 2024 15:55:11 GMT

@ThomasJNewton wrote:
My FICO score should improve when my NFCU card reports, as my utilization on my personal cards will drop substantially. I am 8 months out from my Chase United Quest Card ($19,000 credit line $0 reporting), and 9 years (as of tomorrow) for my NFCU Cash Rewards card ($30,000 line, currently at $20,000 used, that will be down to $9,000 on the 15th).

Is there an advantage to waiting or should I go ahead and get it sooner?

Any advantage to waiting until my Quest card hits one year?

I suppose if you want to get an even better APR rate if that's a concern for you, waiting till your Chase card turns a year old would make your AoYA 12 months and give you a slight score boost ( assuming you have no other cards under a year old). And NFCU balance may be paid down more. Just my two cents on that part of your question

Re: Cap One Says I Am Pre-Approved for a Venture X Card.

SouthJamaica — Thu, 01 Feb 2024 17:25:30 GMT

@nytokyobred79 wrote:
@ThomasJNewton wrote:
My FICO score should improve when my NFCU card reports, as my utilization on my personal cards will drop substantially. I am 8 months out from my Chase United Quest Card ($19,000 credit line $0 reporting), and 9 years (as of tomorrow) for my NFCU Cash Rewards card ($30,000 line, currently at $20,000 used, that will be down to $9,000 on the 15th).

Is there an advantage to waiting or should I go ahead and get it sooner?

Any advantage to waiting until my Quest card hits one year?
I suppose if you want to get an even better APR rate if that's a concern for you, waiting till your Chase card turns a year old would make your AoYA 12 months and give you a slight score boost ( assuming you have no other cards under a year old). And NFCU balance may be paid down more. Just my two cents on that part of your question

I agree with @Jeffster1 @CorpCrMgr1 and @nytokyobred79 You would be well advised to wait. The NFCU utilization is high.

Re: Cap One Says I Am Pre-Approved for a Venture X Card.

ThomasJNewton — Thu, 08 Feb 2024 04:05:09 GMT

@SouthJamaica wrote:

I agree with @Jeffster1 @CorpCrMgr1 and @nytokyobred79 You would be well advised to wait. The NFCU utilization is high.

How long would you suggest I wait? Until May when my Quest card is one year old? Just until my NFCU is substantially paid down? I have no urgent need for the card, it would just be nice to have, so waiting is not a problem at all.

What is the highest my NFCU balance can be without causing a problem? I can easily pay it down to under $10,000 (under 29%), it would take a bit more effort to get it to $0.

Re: Cap One Says I Am Pre-Approved for a Venture X Card.

SouthJamaica — Thu, 08 Feb 2024 16:46:55 GMT

@ThomasJNewton wrote:
@SouthJamaica wrote:

I agree with @Jeffster1 @CorpCrMgr1 and @nytokyobred79 You would be well advised to wait. The NFCU utilization is high.
How long would you suggest I wait? Until May when my Quest card is one year old? Just until my NFCU is substantially paid down? I have no urgent need for the card, it would just be nice to have, so waiting is not a problem at all.

What is the highest my NFCU balance can be without causing a problem? I can easily pay it down to under $10,000 (under 29%), it would take a bit more effort to get it to $0.

$8400 (28%) or less would be good. But you would need to make sure it's fully reported, and that it will come up in a soft pull if Chase is using a soft pull.

Re: Cap One Says I Am Pre-Approved for a Venture X Card.

ThomasJNewton — Fri, 09 Feb 2024 01:54:39 GMT

@SouthJamaica wrote:

$8400 (28%) or less would be good. But you would need to make sure it's fully reported, and that it will come up in a soft pull if Chase is using a soft pull.

@SouthJamaica
That is easy enough to hit. I presume you mean CapOne, not Chase? Also, how long should I wait? I can wait until NFCU reports, one month after it reports, or after my Quest hits one year?

Re: Cap One Says I Am Pre-Approved for a Venture X Card.

SouthJamaica — Fri, 09 Feb 2024 04:30:08 GMT

@ThomasJNewton wrote:
@SouthJamaica wrote:

$8400 (28%) or less would be good. But you would need to make sure it's fully reported, and that it will come up in a soft pull if Chase is using a soft pull.
@SouthJamaica
That is easy enough to hit. I presume you mean CapOne, not Chase? Also, how long should I wait? I can wait until NFCU reports, one month after it reports, or after my Quest hits one year?

No, I meant Chase. I thought you said you want to apply for the Chase United Quest card.

In any event, what I said would apply to whichever lender you're planning on applying to next.

Re: Cap One Says I Am Pre-Approved for a Venture X Card.

ThomasJNewton — Fri, 09 Feb 2024 05:44:18 GMT

@SouthJamaica wrote:
No, I meant Chase. I thought you said you want to apply for the Chase United Quest card.

Nope. :-) My Chase United Quest card is my most recent card, issued in May of last year. That is why I was asking how long I should wait until I apply. CapOne said I was pre-approved for their Venture X card, and that is what I am considering. :-)

In any event, what I said would apply to whichever lender you're planning on applying to next.

Your point does remind me of something that I thought I had read on here, was that CapOne does not always do a new soft pull for pre-approval. Is there any way to ensure they do a new pull?